Community Bank News & Announcements
Changes to IRA Contributions and RMDs
The SECURE Act was signed into law on December 20, 2019. One of the many changes is to require minimum distributions (RMDs) from retirement accounts.
Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72. This change applies to individuals who reach 70½ on January 1, 2020, and after. If you turned 70½ by the end of 2019, you are required to take an RMD for 2019. You have until April 1, 2020 to do so. However, if you turn 70½ on or after January 1, 2020, you will not be required to take an RMD until you turn 72 in 2022.
Americans will also have the option to keep contributing to individual retirement accounts after the age of 70½. This was previously not allowed. In order to contribute to an IRA, an individual must have earned income.
If you have questions regarding making an IRA contributions or taking your RMD, please consult your tax advisor as these decisions have tax implications.
Primetime Club Events & Newsletters
If you’re age 50 or better and are interested in banking benefits and social events, we invite you to join the Primetime Club! View our Primetime Newsletter for all upcoming events. Current events include:
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